PGRE - Earnings call transcript Q2 2024

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Paramount Group Second Quarter 2024 Earnings Conference Call [Operator Instructions] A question and answer session will follow the formal presentation. Please note that this conference call is being recorded today, August 1, 2024. I'll now turn the call over to Tom Hennessey, Vice President of Business Development and Investor Relations. sir. ahead, go Please

Thomas Hennessy

performance. isolation most of substitute today, for and our or will have our and opening everyone. earnings which provide information. discuss useful Wilbur Chief Head measure to open available Management company's Vice directly in Peter comparable results I With our release and these supplemental of the second then can will and operator, not of over a President A Albert Hosting Paes, the CEO the remarks, we in GAAP. we call Instructions] call, Chairman, be GAAP operating the turn Real with some evaluating to reconciliation we our the questions. as quarter Officer in call measures measures Operating good in you, should Albert. [Operator Officer, and will be that, morning, During Financial and will believe Estate. we These financial prepared call Behler, Thank Chief company; considered non-GAAP Mr. and accordance Treasurer; the to XXXX Executive President the is measures, Brindley,

Albert Behler

volume quarter high-quality square strength to continued since leases of and of demonstrating leasing and Yesterday, of leasing XXX,XXX second approximately activity. Tom, all you, of another strongest feet, us of quarter with executed had appeal our XXX,XXX core half XXXX, solid about square share quarter, $X.XX consensus. for We and you leasing This year-to-date line first represents our today. feet. bringing Thank our joining in we for per thank FFO portfolio. second reported the Operationally, we the

York, activity progress totaled availability in the where feet. square We continue quarter on our to leasing make approximately XXX,XXX during New

into of the flow we quarters. coming We continue translate seeing, to believe and steady tours particularly encouraged by leasing are further success which the we inquiries will are in

This confidence services financial announce office tenants, York and officially we quarter. in by enduring a opened only experience enhancing proving The we a a extremely spaces significant to amenity been not XXXXX in workplace Club in high-quality, and well strong tenants, attracting is also portfolio. second new received our during the at momentum offering playing our our diverse the demand Paramount tenants can Avenue, our has for especially role are but is submarkets. range to are is from seeing of experiencing reinforces exclusive I differentiator that existing the law appeal market. tenants We New of Club the prime across firms. Paramount in portfolio well-located crucial be our

the curated amenities These today's discerning experience of glass current tenants the We tenant we in unique X ability to in highly plaza Set XXth, opening and and tenants tremendous, you experience team's to excitement to our at a Michelin and portfolio a our opening the July and prospective strength buzz of to star Taipan leasing anticipated of exclusive Taipan happier. hand. both further new testament share visit grand celebrated cube of rated portfolio restaurant. under XXXX surrounding enhance it and elevate types layer adds offerings. the the are headquarters couldn't in that our Broadway The iconic of are opening outstanding has our the sensation be our culinary with for of will resonate thrilled ways alike. that that been attract amenities the we these is top-tier on in distinguishing a our and expertise. retain and The tenants tenants. also first invite the I'm to Our

and disproportionate persists, flight quality share portfolio. times, at to us a well allowing York is our rents New occupancy capture our improvement across portfolio a positioned push to driving believe we to of As demand,

New ongoing office assets strength A, in to to to continues are amenity-rich precisely market type San prime our the Francisco. our for clear play locations, the buildings As in York, seeing in in portfolio. the of quality Class a flight preference in There we

Our properties and New floor seeking attractive in remains and infrastructure, increasingly large space. upgrade to locations desirable with are state-of-the-art efficient San tenants Francisco a tough and York. office market to their plates behind The

the San we quarter, year approximately of the leases square which in feet. leases approximately executed the During in Francisco, of square of XX,XXX XXX,XXX during feet total first resulted signed half

Francisco tech is companies. below While is demand a front we with remains velocity clear funding premier up. a center growth encouraging San remains for VC AI that and global high signs runner picking talent leasing long-term to averages, some for are seeing potential

high-quality share is capture well to outsized Our recovery market the persists. as portfolio positioned

Turning to balance sheet. our

continue credit with to facility. assets, excluding share, noncore maintain cash revolving on strong We liquidity the $XXX and approximately in $XXX full cash a available million position our at our million restricted with along

beginning shift coming subdued, see The deals period more our white the This distressed BEITs prolonged unlock uptick Furthermore, lead that dynamic increased maintain the signs which may participants opportunities. anticipate are could elevated broader market year. a to market, the on sidelines expanding, remains We we gradually the in towards attractive historically potential a in to kept evolving market prospects. activity. capital potentially suggesting early environment of possible transaction is rates While disciplined start have of in volume many to more allocation. the approach potentially spreads, have we pipeline coming may of landscape, In interest this creating an acquisition converge. assets to to transaction the

growth to third extensive market positioned leverage can approach. our external where with we in investment knowledge strategically and disciplined those on are parties We opportunities, partnership capitalize particularly

sheet to Our act in In a our and strong arise. strategy. quarter ample on remain position well we this and as opportunities they performance solid liquidity should attractive balance had closing, confident

quality in prime Peter. I the are our to over outperform flight broader well core the that, to turn Our call positioned and markets. the assets in on With high-quality capitalize to locations ongoing market, to continue will we

Peter Brindley

morning. good and Albert, Thanks,

During in weighted The the in second square years. quarter, XX,XXX average leased leases was approximately we term York XXX,XXX of approximately Francisco. the New square approximately XXX,XXX San quarter feet and signed square X.X during with second feet feet

XX% the During which completed law X of the scheduled XXXX. occurred was that X the with in than companies, feet, Avenue expire more vacant were and that of we at XX,XXX third continues XXXX firm was square a to Americas with on the space to Approximately quarter, the building. otherwise expand in was activity new second space leases of the this totaling financial on was leasing balance and service-based of

located, progress XX the at of Over leased XX.X% both improving the made at the York Americas leased these past expand pursue premium, occupancy building to and owners. with pipeline. market basis XX.X% amenity-rich Avenue months, and XXX best-in-class, we This buildings and run XXXX to In us substantial well-capitalized Francisco, to by trend dynamics renews accelerating capitalize New enabling San points. well-regarded benefit, have tenants continue our from our on or us centrally to leasing

rate by last quarter the Street. year-over-year, assets, share second Chance maintaining at remain and XX down expirations XX.X%, relationships, points our occupancy excluding at Clifford securing down from XXX space. largest our exceptional basis priorities an XXX driven of known previously tenant move-out and West points discussed and end, was portfolio-wide basis lease centered leasing tenant Our upcoming for same-store renewals share, leased on vacant noncore At at our quarter XXnd

quarter Midtown's first Midtown streak second activity since the XXXX. increasingly surpassed the third The approximately XX%. excluding average the of evident during to demand XX.X%. feet, pursue submarkets million average the within core Turning as the X tenants for to quarter in exceeded close steady the quarterly proximity our of Leasing quarter, Midtown elevated quality leasing X-year consecutive the markets. at estate X in Midtown's by highest square quarter profile activity quarterly remains Availability most transportation. second renewals, improvement real been public has with X-year

has of our else floors the a tenants market. Americas best-in-class, tenants. it be space, for Workday. supply and rave recently time the tightening on whom club differentiator core opened the York in at Membership going. upward of Club in attracting as pressure is rents into tenants the in offered take the alike of and proven XXXX particularly bustling view However, Avenue retaining key The day to New have has offered reviews The resulted many in to on in anything their of club submarkets. Midtown's Paramount is portfolio, as of early similar full incorporate advantage prospective to members referring irrespective have the unlike in offered Brokers feedback and upper

up second at X/X our X.X square demand of focus leasing points basis pipeline been in primarily continues York million million of AI is the which during newly driven to points year-over-year. more of currently than it the XXX funded feet, made basis to emergence grown become down quarter, recorded square increase Francisco XXX Shifting San was quarter-over-quarter on companies, XX.X% by since share, has This have same-store which highest Francisco. the leased Francisco. the New San AI large in down to more than of approximately demand an Tenants percentage of companies. has Our QX new-to-market basis San be tenants Francisco-based market a San the feet XXXX. increasingly portfolio and X.X

tech Francisco in Despite high which XX.X%, market, with high talent of north a hotbed funding billion, record growth reach challenges In going companies. for $XX the Francisco pace fact, a toward in remains San of of top on levels AI XXXX is VC San much is potential. including to availability

down is high-quality over At you Our at recovery as our will leased look quarter-over-quarter in that our capture We outsized XXX share call progress. same-store was will San on Francisco Wilbur, continues who to to XX.X% a basis quarter Francisco. financial With turn positioned points the year-over-year. updating down XXX basis summary, results. end, well forward portfolio discuss points and basis share, portfolio market the San I to on the

Wilbur Paes

consensus $X.XX essentially Same-store Thank we quarter everyone. at GAAP second basis. line slightly is good which per cash on you, negative and with and reported in a FFO the Wall flat, was a share, up X.X% quarter basis Street of Peter, morning, growth estimates. core on in X.X% Yesterday,

average square and at Francisco Center our on basis as of executed feet Sutter X% term rent XX,XXX second-generation our within was negative portfolio on a XXX a for quarter, executed X.X second Mark-to-Market a weighted of square noncore basis. the positive Street. only square and Market leases a totaling XXX,XXX average years. feet starting leased cash space our per Mark-to-Market During assets $XX.XX This foot XX,XXX at we of XX the portfolio lease square in X.X% leases San York feet on data and represented represents New GAAP weighted

sheet. balance our to Turning

liquidity and undrawn of million restricted capacity ended the little over at over strong of a remains million our full cash under position $XXX billion. $XXX with the quarter Our $X.X cash We and revolver.

cash the of share Our excludes amounts and from assets. $XXX of cash million restricted noncore

the loan interest principal sheet, Street all figures, Sutter optionality on weighted will maturity XXX Outstanding pushed interest the debt accrete on terms was rate to protecting on rate loan X.XX%. funding the to course, of mortgage shareholders. and interest rate maturity These XX% at needed and our while of We shortfalls X.XX% for capital debt $X.X extension, of the and our XXXX. average end the out debt December balance continue quarter X.XX% weighted lender assets. all extended has as did weighted again the and the at remaining with average the interest stabilize this fixed the once average floating we namely our balance quarter, a XX% the a of average to asset, that a same and thereby include noncore billion previous the of has X.X is preserving weighted During is to years. of a of all the

at have and as for of improvement XX rate noncore GAAP XXXX Based a on our The Instructions] debt Turning offset remainder weighted assets, of in maturity interest weighted by cash our expense. results we our same-store basis well average and respectively. higher a is improved as X.X no Excluding to $X.XX basis the debt NOI XXX until average year-to-date results X.XX% interest slightly our XXXX. outstanding same-store and now we of maturities have outlook points, billion G&A and debt on points the years, at growth [Operator our guidance. year, by outlook was

$X.XX questions. of be As have Instructions]. narrowing that, share. operator, guidance share range open $X.XX the such, to of With maintained for $X.XX FFO by lines the [Operator per please we the midpoint core our between and per

Operator

At this session. time, conducting a question-and-answer [Operator Instructions]. be we'll

Evercore line comes ISI. question. with Our first question the with from Sakwa your proceed Stephen of Please

Steve Sakwa

end kind have Either it's of things and necessarily kind 'XX? X-parter. I maybe for just that vacates of the a us kind become XX resolved, we Peter now are XX the the of between can remind help figure sign you known occupancy you is, not the are lease, you there maybe guess what guys try or one, of Number months? months? I that over and could some to think us Wilbur, just And bridge large over just the are some remind vacates known the some potential not about through that that can commence things if guess next corollary of And us next as the think

Peter Brindley

the will Steve, to them square it We feet, Peter. we at We But of Good XXX,XXX about saying morning expect XXX,XXX do And XXXX don't expiration. them. expirations. think JPMorgan that one of that entirety of make at the Front is JPMorgan now in this square by up relates a that XXXX. of feet to Street, which vacate block, them in start if largest our is portion you expires lease we One in And know it. Google entirety X% with are square I'll to Google and as will, XXX,XXX as is our market, the XXXX you in expect share. when the roughly discussions keep feet keep lease

XXXX with we we conversations keep lease and will â€˜XX remaining have good number are in tenants hard, expirations. that a that, constructive to the lease a we working successful be of having very expirations of portion believe Beyond and

Wilbur Paes

occupied to Delta, also XXXX the question, percentage as of sure leases, the there. far and the of year at That Wilsons the large was Steve, that seen deal you'll as And and I'm start to in part Citizens and start leases the big through Sure. to XXXX. the that XX part second of between end relative there's narrow your a was it's Bank done leased you've will West. at see expansion big and signed to done at those hit really was early XXXX, â€˜XX It signed

Steve Sakwa

kind So Wilbur? that and of will of should lease the kind Or figure, over is and just we there between but that, a say, months? rough the all of some just kind occupancy of of, commence extrapolate assume next the XX not

Wilbur Paes

Yes.

contribution will to that think figures Steve. of need into what don't I will extrapolate, precise get to I want be. you

Steve Sakwa

the want your still I'm Okay. the wouldn't where deals to but equity to you capital do get levels. kind more And capital just given sort mentioned would what to price And of the then maybe, of Albert, jump like you deal the sure today deals? these at dislocation just issue and of you stock market, markets see I potential I'm in how starting kind to of structure have But would look to you're market. you think to about funding your transaction come of things economics where guys in? is, guess, sits kind to

Albert Behler

gap transactions the Yes. looking very Steve, few as A, said carefully are interested are happening very couple in Class last Trophy. opportunities over where earnings far. using in lot calls, the of that's will that have seems we are we our potential ask, be There at liquidity equity a to we bid not currently There's of balance sheet. so which our be still narrowing. a And on of we big

over private I investors, we call get into foreign, cycle. that ones So of, less point at interested invest a considering asset-light and think venture Francisco will these the is a in comparison that also say, behind It's And last There many it, outside have market. at back, who to to be especially this seems especially San that use which is have at at as lower to you point coming in the are number use New years point, San capital we will but this look investment would to York. I to in we are institutional hope we the Francisco have relationships more developed and the opportunities.

So we but Thank we careful we before you, very, are at looking the will very markets, both pull be Steve. trigger.

Operator

Vikram with Malhotra line Our next the from of Mizuho. question comes

Vikram Malhotra

specific X on first just guess I properties.

And think just for market. a the blocks know any know given few Avenue, sublet come you've a there. curious space I'm doesn't just retail at fairly block plans? I bunch size Showtime is any wondering has a but had if but large discussions XXXX their large, lease up on the the update while, on it's of I on XXXX. are on at then the there I

would So prospects? on be leasing any helpful update

Peter Brindley

more deals agree. as on on transpired I that have Avenue not We and like Certainly, have of there's nothing lot XXX activity think ours space it. productive we of Fifth that Fifth Upper supply. since point retail began any at everybody a marketing than there would whole lot at a have been Certainly,

But just report may couple very this really we an with yet convert tenants. to and regard. nothing exciting have feel activity opportunity a there's in to we nice of So like really

more to So come.

Albert Behler

Vikram, of before, probably find there's of mentioned that of It's rent a Harry at the decent quality. be and moved nice most is as paid we retail asset after the that had very of the rest the have right because previously. tenant. of Fifth we got part on interest leased any the that it We very to fit careful to the Bendel Amy times kind his of a again, Bendel level Amy And that and team couple to footage Peter nearly much want has And to of out luxury square the available not class office in segment, Winston. building.

Vikram Malhotra

looking may from for, more. I'm very whether peers, just AI wise. be some Francisco, traditional are in alluded seeing? leasing generally of shoots or you it's And your What seem Peter, velocity can signs early what maybe wondering, San you on in maybe to And particular. one just things tech? elaborate just you you improvement green pipeline-wise slow

Peter Brindley

capital market to are demand find in entering companies. the San to tenants Vikram, pipeline, the Francisco-based funding Venture its to new companies the increase. shoots, continues green way The continues market. that the are There

second market. course, X/X companies, tenants fact, the activity we're of leasing in of made In all of AI-based was about. the new quarter the to up talking

is most collaboration lofty looking I thing fact, they to think to to that in space allow on secure acknowledge for of office. the the in are, of important execute plans, course. They their the importance office order

trending return are are what a that way this we of increased team a nicely. working directionally, what increased in fundamentals. But activity, to of in is our We, experiencing, availability So market healthier tour our think am lot course, proposals. is I it I experiencing to all through as very properties

block floors year. we'll back that We getting on have Google the of activity be nice next

And we feel than optimistic it, so for those we today reasons, call months. more X going did back,

And so to directionally, San be seems Francisco better in moving direction. a

Operator

Our line of next America. of the Bank question comes Bone Camil from with

Camil Bone

everyone. top below target momentum for to signed morning saw picking but activity leasing low I the in Good New City, the year your you be so end guidance still up and the far. is of seems tracking York

on details was was Francisco beginning you into demand I guidance? So expectations more versus changed anything into could And the you if really of wondering much San your your at how has front if feel year? leasing provide the the factored July on

Wilbur Paes

it don't about start. your at the is Maybe I just of true. trending think I'll guidance statement low the end

We the have feet the quarter, obviously, feet midpoint, and it both if quarter well second the linear, lease figures. XXX,XXX to was get To leased year-to-date. XXX,XXX those first need square to of we're square ahead per you and

Camil Bone

increase you, quarter? a into factored increasing you Because interest guidance Wilber. in on can statements be of seemed following the cut. odds this I assumptions Wilbur, for while yesterday what update Thanks from have the Fed September an to your Okay. provide are And the clarifying expense

in? any So are this baking you of

Wilbur Paes

Yes.

this put to with obviously, in guidance out perspective, that expense February. when interest did in was come we just So

incrementally cuts speak the what the rate come where assumptions of X to on is the imagine, now chatter the is That Fed in duration we tweaking for the guidance. point, you in based that X fruition. the on there of was expectation As did can year. not provided but lot relative based of to it we're cuts at year, to higher Hence, between a

well. and cap rate that into the in at the that factored know swap expires equation and also as was August, XXXX You

Camil Bone

really City ran Okay. analysis to impact tenants other the rank top bottoms-up X the concentration And one how how pulls high and you New office comes large have we your and to assets relative as of York a large demand to your back, up see when platforms. in can But REITs the can operations. we a portfolio across see of each buildings see

forward, you doing risk look can this about how about mitigate And we talk think as risk? is of this versus diversification? So anything there balancing the is team you benefits the to

Albert Behler

is diversified at market, our over think more more I the if has been York it look portfolio diversified. and years. historically, you the And Well New pretty

remember have and It that it's well. diversified entertainment. New York You was And today, means today, tech tenant on might have have -- insurance. it's And finance a mainly not around. included been years mix, tenants. prior not Many ago, depending we mainly didn't very, as and very and

beds, so office diversified think or And like tenancy And have market, to larger we for And demand our buildings. pretty managed we if flow I a think the quite Each way. board. across that I small that's and than typical it different portfolio different well. it catering different, also buildings is in building is it's you this

Operator

next Our Blaine from Heck Wells Fargo. with comes of line the question

Blaine Heck

the change. hoping same-store lease I the color of some percentage that the NOI on expectations increase didn't given get was in outlook drivers to

there would details helpful. any be So

Wilbur Paes

Sure, Blaine.

As NOI respectively, basis at the and you XXX midpoint. GAAP and guidance cash bumped point out, XX basis we points, same-store

to relative that will the be year, as of You in comes this because surprise in second year. expenses saw May everybody vacated half to where of increase. But no of That's Clifford trending we're the quarter the it the Chance half that Blaine, and reduced year. the the negative year-to-date, aided recognize and in second the the in in results drove really second that the operating expectation what of NOI

that. you're second your was largest That So tenant. losing

of York that of year second impending the expiration you lease the and will have in New negative the the then at of So half Leerink be because more XXXX.

Blaine Heck

Right.

visibility XX between rate much lease of year. guess and the bps that Okay. guidance do of kind I say point? on And it That's is improvement you have more at XX then how of that June the how like itself, strong of implies the on? this about helpful. would And much you end looks speculative

Wilbur Paes

get the rate, at about the XXX,XXX throughout XXX,XXX look feet if year, much in we get expirations rest I order look vacant feet. space lease at leasing to to the In you if the mean, of it's talking you how about So have excess of midpoint square to or on to of guidance, to space you're that. able our about expire be square

dimension Peter much think and about are that reaching on pipeline is on of the pipeline based that that how vacancy. left what seeing I on can good change the But we the feel we reason because we level is pipeline. in

Peter Brindley

proposals I get transactions, advanced vacant vacant getting is need portion currently have we which soon-to-be Blaine, good Yes. the very we more strong. occupancy of remaining what square that space or and believe than would increasing to and midpoint we're in our and we what excess to question, will seeing your given to dimension we we XXX,XXX in for based space pipeline. refer very, negotiation feet. leases lease on stages is pipeline of square feet as in on in to XXX,XXX A the

Blaine Heck

past of recently? on institutional Great. increased demand on from in to past about opportunities partnering That's you with bit little acquisitions, one, investors with than capital to about Can you that more I office sounds level then perceived respect amount seeing Has calls growth for interest you're meetings. these Albert, through helpful. point tangible just of external like and are And at investments? a really other co-invest maybe the transactions. talk this talked It last

Albert Behler

the capital. intensively private the Well, into is institutional is capital not front here. runner to that get capital looking clearly more market The is

and have have the not are you They been many about pricing just investors who if currently, offices, the office think have they take They an individuals ultra-high worth You that see asset. have opportunity. to with because themselves. the office you net in others see family tremendous far so especially dealing issues advantage

because office. long, San office that phenomenon for travel work that and but Francisco. the that getting seems has also time. but while. sidelines think a a something in attendance Asia, been I New home active So while because while countries, consistent here, improving because a they long in it's on be been the more in it long of persisted And the the a investors is and very is to definitely by especially America to that have And for for surprisingly other from taking surprised everybody many especially York, were is How foreign back if that's in you to more

that biggest So the think, investors market. from shunning away I was, this that was negative

Operator

Our the with line Ronald Stanley. Morgan Kamdem next from question comes of

Ronald Kamdem

there? still â€˜XX or The for whether of Just for Can me. thing ones San Charter the insane commentary or negotiations? same super do for quick is X the or what's of New though, Wilson, on exploration the Vertis? sort Or Or Francisco it's thinking helpful. sort vacates you York, any those of known

Peter Brindley

Ron. Sure,

or have is effectively Clifford given that They at vacated we're too I those tell which lot derisk XXXX highly relocated helps are of Sonsini, the known the can have I share Chance. But but they floors a in Wilson that relationship. out with XXnd what that of very and 'XX, you a X availability feet to York move floors you Vertis XXXX. rate is Midtown now Street, XXXX space, specifics, of those feet There's like lot up the Avenue not a about important equates tenant in don't want of which to by XXX,XXX New to as square constructive them. much expiring about know, way away X.X% Charter may square we So at standing of expire West ours XXX,XXX are. having XX conversations floors. disproportionately of a whole located long on for in high at just is tenant lower Americas. give coveted

will back floors excited chosen So we're biggest most West, that lot space of from a up XXX,XXX we tenants. to we'll to floors have the have they contiguous those coming that getting we block of activity. the will XX at really Those Those But that leasing recently at of block Paramount them of that confidence transacted us feet level West, Chance. out. XX excited about XXXX. remain those back are with you square about be get the we and the have of we're space parts back current to but the X of called have have success the quality And to because Clifford offering And and 'XX. of credit in moving

Ronald Kamdem

the to helpful. are like at actually Super When expect Center. then Or the off noncore off And can take be figure the Great. trying there you that out actually when Is we books? those on just should like still be Market books? on XXXX? the them Okay. XXX Just to negotiations? assets

Albert Behler

are negotiations. still there Well,

at So predict we for loan think happening XXX there. months. what's I in the stage at extended want this And point don't to XX

still that's So to happening what's there. open

Wilbur Paes

Obviously, is that Albert XXX Yes. extended got Sutter market run center. December 'XX to right.

in negotiations. are things while. These take a can We

and multiple default processes, banks that and then have to through rights have the your and default reserve you have banks You process. in you're and notify these first on to be go in the

Operator

from of [Operator Instructions] question next with Burzinski the line Dylan Green Street. Our comes

Dylan Burzinski

for San whether or net sense York effective Francisco, on X across by for sort expectation over at guys' I continue this to that we'll a portfolio? are it's look sort of in front? pressure is just trying it the differs your And trying guess net next rents I mean, your years? for months, get effective to expectations see Or? Just of to probably rents your but New X where it expectations

Albert Behler

pretty are the you Class we for. to buildings. do that B difficult and between already to better the think have the and improving, New would And especially Class close and for differentiate and Trophy I bottom and A maybe York So

we vacancy will little this the a I think might take the a that bottom entire come. for will San the it higher market well. and might longer even But at be still the for bit Francisco, is Class also there as buildings, little because A In be for longer San Francisco a behind, to close for struggle worst level. assets, to in be a

Dylan Burzinski

that lease, are to space that discussions going JPMorgan's Appreciate give mean, But you in And than realize guys their or? sense then I I them. color. XX% still of back do with they'll more back you that

Peter Brindley

it we will more we're feet. I more they is XXX,XXX it the having. of be this keep I discussions than at XX%. will we, some that square their the think XX% be space will I as component, those think do that assume XXXX and Dylan, believe, But than expiring, said, point, probably are which

Operator

our Ladies comment. turn back question-and-answer to Behler and for final Mr. session. that gentlemen, floor any you. the I'll concludes Thank

Paramount (PGRE) 1 Aug 242024 Q2 Earnings call transcript